AMERICA Flashcards
(32 cards)
What is Isolationism?
The idea that a country should focus on its own affairs and avoid involvement in foreign conflicts.
What is Prohibition?
Ban on making, selling, and transporting alcohol in the US. It aimed to reduce crime and improve society.
What is Mass Production?
Process of making large quantities of products quickly. Systems like assembly lines used (e.g., car industry).
What is Consumerism?
The idea of buying more goods, often with many brands and choices.
What is Laissez-Faire?
An economic idea where the government doesn’t interfere with business. Belief in a free market with little to no regulation.
What is the Democratic Party?
One of the two major political parties in the U.S. Historically associated with supporting social programs, labor rights, and government intervention in the economy – left-wing.
What is the Republican Party?
One of the two major political parties in the U.S. Historically associated with supporting limited government, free-market capitalism, and individual liberties – right-wing.
What is John Maynard Keynes?
A British economist who believed in using government stimulus (through loans and spending) to boost the economy during recessions, with the plan to repay once the economy improved.
Who is Franklin D. Roosevelt?
32nd President of the U.S. Led the country through the Great Depression with his First Hundred Days and New Deal programs.
Who is Warren Harding?
29th President of the U.S. Focused on free market, enterprise, and big business (right-wing).
Who is Calvin Coolidge?
30th President of the U.S. Believed in no government interference – any hardships were not the government’s problem. (Right-wing)
Who is Herbert Hoover?
31st President of the U.S. Led during the Stock Market Crash and the Great Depression. Believed the economy would recover eventually and did little government intervention.
What is the Stock Market Crash - October 29, 1929?
Day of U.S. stock market plummet. Overvalued stocks caused panic selling, triggering a collapse due to immense numbers, leading to widespread financial losses.
What is the Stock Market Speculation?
Buying and selling stocks to make a quick profit without focusing on the long-term value of the company.
What is the Great Depression?
A worldwide economic recession that led to mass unemployment and poverty throughout the 1930s.
What is Unregulated Banking Practices?
Banking without government rules, allowing risky actions like lending too much money or using deposits for investments, leading to financial instability.
What is Buying on Margin?
Borrowing money from a broker to buy stocks, paying only a small percentage upfront, with the hope that the stock’s value will increase to repay the loan.
What are Hoovervilles?
Makeshift towns created with trashed metals and wood. Result of the great depression where the homeless and the unemployed resided.
What are Tariffs?
Taxes imposed on imported goods.
What is the Fordney-McCumber Tariff?
1922 law - raised tariffs on imported goods, restraining trade with other countries.
What is Smoot-Hawley Tariff?
Tariff on over 20,000 imported goods - resulted in many countries retaliating with counter tariffs (1930)
What are the New Deals?
A series of programs and reforms introduced by FDR to provide relief for the unemployed, rehabilitate the economy, and reform the financial system.
What is the 100 Days?
The first hundred days of FDR’s presidency, during which he passed a large number of laws to address the Great Depression and make immediate changes.
What is Overproduction?
More goods are produced than can be sold, leading to surplus and causing prices to drop.
